RADNOR, PA — Lincoln Financial Group (NYSE: LNC) has enhanced its Lincoln PathBuilder Income® powered by YourPath® product by adding a lifetime income guarantee to an underlying asset allocation investment fund. This new feature builds on the success of Lincoln’s existing suite of in-plan guaranteed lifetime income products, offering more flexibility and options for plan sponsors and participants.
Lincoln Financial recognizes the growing demand for guaranteed retirement income products, which provide a stable monthly income for as long as the participant lives. The company’s 2023 Wellness@Work study revealed that 35% of participants would increase their contributions if offered a guaranteed retirement income option. Additionally, 72% of non-participants indicated that having a guaranteed income option in their plan would motivate them to join, a significant increase from 52% in 2021.
The newly added lifetime income balanced fund can be accessed within managed accounts or as a stand-alone option in retirement plans. This allows participants to:
- Receive guaranteed payments for life.
- Enjoy protection during market downturns.
- Benefit from rising markets with potentially higher income levels.
- Maintain flexibility and access to their underlying account value if their needs change.
“After the success of our current guaranteed lifetime income products, we saw the opportunity to develop additional options to be used in a variety of other settings,” said Matt Condos, senior vice president, Retirement Plan Services Product Solutions. “We engaged the best and brightest investment managers to innovate a new solution. Our full suite of Lincoln PathBuilder Income® powered by YourPath® products are truly a differentiator for Lincoln clients when it comes to flexibility, choice and customization in the guaranteed lifetime income space.”
With this expansion, Lincoln Financial Group aims to provide participants with a reliable foundation for retirement security, ensuring they receive consistent income throughout their retirement years while offering the flexibility to adapt to changing financial needs.
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